The pervasiveness of this recession continues to hit home in Minnesota. Today Target said it would cut 1,000 headquarters jobs -- 600 people and 400 open positions. Target, we once thought, was a good bet in a recession. But today more of the company's revenue comes from items people can live without. Wireless speaker systems for an iPod are a luxury these days. The company is also suffering from more credit-card defaults. No big surprise there. Best Buy also announced more job cuts today. On top of yesterday's national news -- more than 50,000 jobs lost -- the Target and Best Buy announcements are reminders that we've yet to hit bottom in this recession. Those who were surprised by the tone of President Obama's inaugural address certainly must understand now why he set the bar so low last Tuesday. With or without an effective stimulus package, we'll be digging out from this collapse for a long time.
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